👻 ECB launches project to move Europe’s wholesale financial markets onto blockchain infrastructure

👻 ECB launches project to move Europe’s wholesale financial markets onto blockchain infrastructure

The launch of the Pontes DLT platform, designed for tokenized markets under the Appia strategy, is expected to take place in the third quarter of this year.

➡️ Appia is a long-term strategic program aimed at developing tokenized wholesale financial markets backed by central bank money.

➡️ The initiative involves integrating market infrastructure with Eurosystem TARGET services, accompanied by a public consultation open until April 22.

✅ The TARGET services are payment and settlement systems operated by the Eurosystem, supporting euro-denominated transactions across Europe. They include:

↗️TARGET2 (T2): for large-value payments
↗️T2S: for securities settlement
↗️TIPS: for instant payments

➡️ Pontes is considered a key component of the Appia roadmap, introducing a Eurosystem DLT-based settlement solution for market transactions. The platform is designed to enable settlement across multiple interoperable networks,enhancing cross-system connectivity.

➡️ The public consultations are addressed to both the public and private sectors. Contributions may be submitted in two formats:

↗️Attributed: including the name of the organization and its position

↗️Confidential: typically in the form of proposals contributing to Appia’s practical “building blocks”

➡️ Key aspect: the primary driver of these changes is geopolitics and the objective of building a sovereign digital financial infrastructure in Europe. In addition, tokenization is expected to support the creation of a unified capital market across 27 jurisdictions (to compete with NYSE/Nasdaq) and to improve infrastructure efficiency, reducing financing costs for the real economy.
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